Oil prices slide after Saudi minister denies deep cuts

May 25, 2017, 7:53 AM EDT

(Source: Chris Toe Pher/flickr)

Oil prices went down from $52 a barrel to $50.8 a barrel on Thursday as Saudi Arabia’s Energy and Industry Oil Minister Khalid Al-Falih, denied bringing in deeper production cuts while OPEC member nations agreed to continue the current production curbs for next nine months.

Recently, oil prices saw an upturn after the OPEC nations and other producers, including Russia, struck a deal to cut supplies by 1.8 million barrels per day (bpd), writesCNBC.

The minister also dismissed the apprehensions that an increase in America’s oil production post the OPEC deal will further drive down the prices, notesThe Guardian.